Etsy (NASDAQ:ETSY) Stock Price Expected to Rise, Sanford C. Bernstein Analyst Says

Etsy (NASDAQ:ETSY) had its price target lifted by research analysts at Sanford C. Bernstein from $45.00 to $50.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The firm currently has a “market perform” rating on the specialty retailer’s stock. Sanford C. Bernstein’s price target would suggest a potential downside of 16.16% from the stock’s previous close.

Other equities analysts have also recently issued reports about the stock. Barclays decreased their price objective on shares of Etsy from $55.00 to $53.00 and set an “equal weight” rating on the stock in a research report on Wednesday, April 30th. Cantor Fitzgerald boosted their price objective on shares of Etsy from $42.00 to $47.00 and gave the stock a “neutral” rating in a research report on Thursday, May 1st. Arete Research upgraded shares of Etsy to a “strong sell” rating in a research report on Wednesday, June 11th. Citigroup decreased their price objective on shares of Etsy from $53.00 to $48.00 and set a “neutral” rating on the stock in a research report on Friday, April 25th. Finally, JPMorgan Chase & Co. boosted their price objective on shares of Etsy from $42.00 to $50.00 and gave the stock a “neutral” rating in a research report on Wednesday, June 4th. Six analysts have rated the stock with a sell rating, sixteen have given a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $49.92.

Etsy Stock Up 2.9%

NASDAQ:ETSY opened at $59.64 on Thursday. Etsy has a fifty-two week low of $40.05 and a fifty-two week high of $66.18. The stock has a market cap of $6.22 billion, a PE ratio of 42.60, a price-to-earnings-growth ratio of 3.19 and a beta of 1.74. The firm’s fifty day simple moving average is $54.03 and its 200-day simple moving average is $50.91.

Etsy (NASDAQ:ETSY) last posted its quarterly earnings results on Wednesday, April 30th. The specialty retailer reported $0.46 earnings per share for the quarter, missing analysts’ consensus estimates of $0.50 by ($0.04). Etsy had a negative return on equity of 39.60% and a net margin of 6.69%. The company had revenue of $651.18 million for the quarter, compared to analyst estimates of $642.22 million. During the same period last year, the company earned $0.48 earnings per share. The business’s revenue for the quarter was up .8% compared to the same quarter last year. Equities analysts anticipate that Etsy will post 2.57 earnings per share for the current year.

Insider Transactions at Etsy

In other news, CEO Josh Silverman sold 151,666 shares of the stock in a transaction dated Monday, June 2nd. The shares were sold at an average price of $57.68, for a total transaction of $8,748,094.88. Following the transaction, the chief executive officer directly owned 107,809 shares in the company, valued at $6,218,423.12. This represents a 58.45% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CTO Richard Edward Colburn III sold 2,350 shares of the stock in a transaction dated Friday, May 16th. The stock was sold at an average price of $47.01, for a total transaction of $110,473.50. Following the transaction, the chief technology officer owned 2,896 shares in the company, valued at approximately $136,140.96. The trade was a 44.80% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 202,298 shares of company stock worth $11,156,039 in the last three months. Company insiders own 2.80% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the stock. Signaturefd LLC increased its position in Etsy by 52.7% during the 2nd quarter. Signaturefd LLC now owns 556 shares of the specialty retailer’s stock worth $28,000 after purchasing an additional 192 shares in the last quarter. True Wealth Design LLC increased its position in Etsy by 112.7% during the 4th quarter. True Wealth Design LLC now owns 551 shares of the specialty retailer’s stock worth $29,000 after purchasing an additional 292 shares in the last quarter. Hurley Capital LLC acquired a new stake in Etsy during the 4th quarter worth approximately $32,000. Strategic Investment Solutions Inc. IL acquired a new stake in Etsy during the 4th quarter worth approximately $34,000. Finally, Allworth Financial LP increased its position in Etsy by 47.6% during the 1st quarter. Allworth Financial LP now owns 769 shares of the specialty retailer’s stock worth $35,000 after purchasing an additional 248 shares in the last quarter. 99.53% of the stock is currently owned by hedge funds and other institutional investors.

About Etsy

Etsy, Inc, together with its subsidiaries, operates two-sided online marketplaces that connect buyers and sellers in the United States, the United Kingdom, Germany, Canada, Australia, and France. Its primary marketplace is Etsy.com that connects artisans and entrepreneurs with various consumers. The company also offers Reverb, a musical instrument marketplace; Depop, a fashion resale marketplace; and Elo7, a Brazil-based marketplace for handmade and unique items.